HUL Q3 Results Review: Muted Print; Recovery Delays Further, Says Motilal Oswal — Retains 'Buy' On The Stock

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Motilal Oswal Report

Hindustan Unilever Ltd.’s Q3 FY25 revenue was up 2% at Rs 155.9 billion (in line), with flat underlying volume growth (estimate: 1%, 3% in Q2 FY25).

Demand recovery continues to witness a delay, with urban consumption reeling under pressure. The higher share of low unit packs has further impacted the mix for underlying volume growth. Near-term growth pressure is expected to sustain despite healthy rural demand. The company’s own initiatives are inspiring, but urban recovery is essential for translating them into volume pickup.

Home Care maintained high-single-digit volume growth and clocked 5% revenue growth. Fabric Wash and Household Care sustained strong growth. The segment continues to see margin expansion, with a 10% YoY Ebit growth.

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